Amiya Mohapatra, Anil Kumar, Yiğit Kazançoğlu
Greenovation is the new currency of the global economy which focuses on ‘green
and innovation’ that generates environmental benefits through reduced resource
consumption, lower carbon emissions, and improved ecological performance aligned
with Sustainable Development Goals (SDGs). Greenovation focuses on long-term
value creation by integrating environmental externalities, resource circularity,
and multi-stakeholder governance and accountability structures. Greenovation
integrated with corporate strategies can provide greater strategic competitive
advantages which is also termed as green competitive advantage. By
systematically integrating product and process improvements through
Greenovation, firms can attain competitive advantage for long-term value
creation for both internal and external stakeholders. It is imperative that
business leaders take a note of the significance of Greenovation and include it
in their corporate strategies. Business leaders can leverage Greenovation for
sustained competitive advantage by means of enhanced environmental reputation
and green image, and stakeholder trust. The article provides a holistic
conceptual and pragmatic framework of Greenovation which is essential for
long-term survival of the planet earth and robustness and resilience of global
economy. The article concludes that the strategic integration of green
innovation with ESG principles and green transformational leadership is
essential for achieving sustainable business and long-term value creation. This
integrated approach enhances organizational competitiveness, sustainable
competitive advantage, environmental performance, and strengthens corporate
reputation.